qualfied principal residence indebtedness

Mortgage Forgiveness Debt Relief Act Extended Retroactively for 2014 — Great News for Consumers Who Had Primary Home Mortgage Debt Canceled Last Year!

In 2007, Congress pass the Mortgage Forgiveness Debt Relief Act (MFDRA) and initially set it to expire at the end of 2012. This temporary change to the IRS tax code permitted an exclusion for cancelation of debt income associated with forgiven mortgage debt. The Act was later extended for the 2013 tax year, but then expired again on December 31, 2013. The MFDRA has been hugely beneficial for consumers...